26 August 2017
How we will we pass the entry of the loss on account of damaged goods If damaged goods is found in our ready stock during the fy 2016-17 ? What will be effect on Gross Profit and Net Profit also ? Will Net Profit increase ? or will net profit decrease ?
26 August 2017
debit loss of stock due to damage and credit stock since valued at a price less than good stock your GP Ratio reduces so also net profit on account of this transaction alone
CAclubindia
